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Former MF Global clients settle lawsuit against investment banks

A group of prominent financial institutions that served as underwriters for the sale of MF Global’s stock and bonds before the US brokerage’s collapse settled a lawsuit brought by the now-defunct firm’s former investors on Tuesday.

In a filing with US District Court in Manhattan, lawyers for the plaintiffs said that the $74m settlement with the defendants - including units of Goldman Sachs, JP Morgan, Deutsche Bank, Merrill Lynch and Citigroup - “dismisses and releases” all claims against them in the suit.

The investors, now led by Virginia Retirement System, sued the financial institutions as part of a larger 2011 suit against former MF Global chief executive Jon Corzine and other company executives, accusing the parties of not disclosing the risks associated with MF Global’s European sovereign debt trades using repurchase-to-maturity transactions.